The French asset manager Amundi is taking over a competitor in Zurich.
Amundi has teamed up with the Zurich asset manager Alpha Associates agreed on a takeover. The company, founded in 2004, currently manages 8.5 billion euros, according to a statement Announcement from Wednesday is called. The companies did not provide any information about the purchase price. Amundi already has offices in Zurich and Geneva in this country.
Alpha Associates serves more than 100 institutional clients with around 50 employees. These include pension institutions and insurance companies with a focus on Switzerland, Germany and Austria. The offering also includes funds-of-funds solutions in the asset classes of private debt, infrastructure and private equity.
UBS Switzerland Board of Directors takes responsibility
Alpha’s business is to be merged with the “Amundi Alternative & Real Assets” team in Paris. Alpha founding partner and CEO will be responsible for managing the joint business area Peter Derendinger. He also sits on the board of directors of UBS Switzerland, having previously been on the supervisory board of Credit Suisse Switzerland for more than seven years, temporarily also as chairman.
With the acquisition, the assets under management of the new Amundi unit will increase to around 20 billion euros, which will be looked after by a 70-strong team of experts. The transaction is expected to create significant added value through sales synergies and strong growth potential, it was also learned.
Around 100 million customers
Amundi is a listed subsidiary of the French financial group Crédit Agricole and is one of the leading European asset managers and one of the top 10 globally. The company has 100 million customers and currently manages assets under management of more than 2 trillion euros. The company is represented in 35 countries and has around 5,400 employees.
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2024-02-07 11:19:34
#French #financial #giant #buys #Zurich
